Ola Electric delivered a strong performance in the first quarter of FY26, with revenue from operations rising 35.5% quarter-on-quarter to ₹828 crore. This growth was driven by a 33% increase in vehicle deliveries, which reached 68,192 units during the quarter. The company also reported a significant improvement in profitability, with its auto business turning EBITDA positive in June 2025—a major milestone.

Ola’s gross margins in the auto segment jumped from 13.8% in Q4 FY25 to 25.6% in Q1 FY26, driven by efficiencies in manufacturing and higher sales of its Gen 3 scooters. These new models accounted for 80% of sales and helped reduce warranty claims. The company also improved its operational efficiency through its internal cost-cutting project, reducing monthly auto operating expenses from ₹178 crore to ₹105 crore.

At the consolidated level, Ola Electric’s EBITDA loss narrowed substantially, with the overall operating cash flow for the auto business becoming nearly neutral. Free Cash Flow improved significantly from -₹455 crore in Q4 to -₹107 crore in Q1 FY26.

Ola continues to push boundaries with new product rollouts and in-house technology. The company is on track to launch EVs powered by its own Bharat 4680 battery cells during the festive season and expects to begin using Heavy Rare Earth (HRE)-free motors by Q3 FY26. Meanwhile, its MoveOS+ software adoption has grown rapidly—now used by nearly half of all new customers.

Looking ahead, Ola expects to sell between 3.25–3.75 lakh vehicles in FY26, with estimated revenues of ₹4,200–₹4,700 crore. With Production Linked Incentive (PLI) benefits kicking in from Q2, the company is aiming for gross margins between 35%–40% and full-year auto EBITDA above 5%.

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